Banque et Caisse d’Epargne de l’Etat, Luxembourg (“BCEE”) and CrossLend have launched a collaboration, whereby BCEE is acting as an issuing agent and paying agent for notes issued by CrossLend. Taking advantage of CrossLend’s innovative loan securitisation product, the Luxembourg based bank, rich in heritage, will continue to expand its presence in the securitisation market, enabling institutional investors to invest into cleared securities backed by pan-European loan products or other eligible assets in multiple currencies.
This collaboration was announced on the evening of May 31st 2018, at BCEE’s evening event “At the heart of Luxembourg’s Financial Centre: Luxembourg securitisation – an efficient tool for structuring”, which was well attended by 200 representatives of Luxembourg’s financial community. The evening event included presentations from PwC, Allen & Overy, Universal Investments and CrossLend. All centred around securitisation under the Luxembourg Law of 2004.
CEO & Founder of CrossLend, Oliver Schimek: “This partnership solidifies our presence in Luxembourg and adds a further stable and long-term partner to our business. BCEE, one of the most prestigious financial institutions in Europe, and of such great importance locally, has again proven to us that we have a great deal of support from the Luxembourg ecosystem – coming after two investments from the Luxembourg Future Fund.”
Head of Institutional Relationship Management at BCEE, Alain Uhres, said: “Cooperating with CrossLend is yet another way in which we are supporting our institutional clients and Luxembourg’s securitisation market. I think that securitisation is a growing market in Luxembourg and that a legal framework exists ensuring legal certainty, which is of the utmost importance for investors. BCEE has always supported the Luxembourg economy and this most recent collaboration is further evidence of this.”
CrossLend is a B2B FinTech company with a mission to make the European debt ecosystem more efficient, transparent and profitable. CrossLend provides securitisation as a service, transforming loans into notes on a flexible and transparent basis.
CrossLend’s innovative securitisation setup allows investors to build diversified portfolios of loans (via notes) at a pan-European level, with an emphasis on providing risk transparency. On the other side of the coin, loan originators profit from flexible opportunities to scale their lending business – opening up much-needed financing avenues to small and medium-sized businesses across Europe. A win-win-win situation for all.
Backed by an array of prestigious equity investors from Europe and the U.S., including Lakestar, CME Ventures and the Luxembourg Future Fund, CrossLend plans to establish a European Debt Exchange. In Germany, CrossLend 1 acts as tied agent of FinTech Group Bank AG within the scope of § 2 para. 10 of the German Banking Act. CrossLend was founded in Berlin in 2014 and, in 2015, incorporated a fully CSSF-regulated securitisation vehicle, CrossLend Securities SA. After securing an investment from the Luxembourg Future Fund in 2017, (backed by, amongst others, the Société Nationale de Crédit et d’Investissement and the European Investment Fund), the company opened a Luxembourg office on Boulevard Royal which currently has 8 employees.
BCEE was founded in 1856. Throughout its more than 160 years of existence, the main concern of Banque et Caisse d’Epargne de l’Etat, Luxembourg (BCEE) has always been to meet the demands of its customers and of the national economy.
Today, it is both the Luxembourg bank par excellence and a full-service bank, recognised throughout the world for its results and its dependability. Its sound financial standing, as well as that of its sole shareholder, the Luxembourg State (AAA rated), are the reasons why the international rating agencies Standard & Poor’s and Moody’s have awarded it ratings of AA+ and Aa2 respectively (Long Term Deposit Range). BCEE has been ranked among the 10 safest banks in the world in 2017 by Global Finance Magazine.
Committed to Luxembourg and to its customers, BCEE has increased its institutional business in recent years, and intends to further develop its activity as a service provider in the securitisation market.